Firering Strategic Minerals: From explorer to producer. Watch the video here.
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#NCCL RNS NED Scott Fletcher buys 7, 256, 555 shares on open marlket & converts loan, taking holding to 21.4% of company stock!
HUGE sign of confidence. I very strongly suspect, they all gearing up for a major positive outcome.
Remembering, Mozambique state utility, EDM, only just approved company's 300MW Grid Scale Solar Project tranmisison route. This is a major step,
1. EDM formally acknowledges NCCL efforts/ progress
2. EDM approves of NCCLs project
HUGE progress on Mozambique's largest proposed #Solar Project!
Massive BUY Signal, IMO.
7, 256, 555 @ £83,129 = 0.01145p per share.
He bought them on the open market. The share conversion has yet to be authorised / carried out
Scott Fletcher buying hares on the open market are a HUGE signal of confidence. Those conversions are also, as he will be holding shares in the company's stock -- and why do that if going nowehere?!
Let's remember again, EDM has approved the transmission route for the company's Grid Scale Solar Project. This is, as someone else put it, a HUGE rubber-stamping of the project, a view I agree with. That transmission route is to connect to the main Grid, for domestic and export applications (into the wider regional energy pool/ SAPP).
They are all gearing UP!
Good luck folks!
I think CF73’s view that loan interest conversion is a positive sign is justified - the majority of loan providers are insiders, thus restricted in their ability to convert and then flip the converted shares, thus the 30% discount on conversion can’t be realised in the short term ( and is also somewhat less than 30% giving the significant bid offer spread on this stock). If insiders believed there was little chance of future share value, they would not be converting (loan interest ranks above shareholders in a liquidation) - I see the conversion by insiders as an endorsement of the companies future.
The principal element of his loan can be converted at 25% discount to 30 day VWAP (minimum 0.5p). The interest element is converted at 30% premium to VWAP